Today I went for a workshop with Fly Your Business, a Singapore local funding firm. To understand whether I can get any support from government to expand my current business. So here I go to the Golden Mile Shopping complex (I felt that the place like Thailand ==)
Since I been early, I manage to get a private talk with one of the co-founder David KK Kwan
Understand from him, the business are growing and be diversify to 3 Major sectors,
Art of business - Learn how to get more customer, more sales and business. Mainly on business coaching.
Art of money - Learn how to get the grant, equity & loan for you business.
Artchamp - Workshop to manage you whole business, manage tax and future road map.
After marry all together with his other business partner, they started flyyourbusiness.com (Private number 82510802 )David KK Kwan
What is art of money? Defined by them
- They are focus on the business model of grant consultancy - To get the fund using 3 different steps and taps to the goverment grant in 2 weeks. Their selling points:
1. # 1 client centric approach entire biz funding industry (opposite from normal)
2. Singapore most recommended in Facebook
3. Results base payment, only payment after charge of 10% and some portion of consultation fees.
Some input provided, like Why u need to get fund?
For a fresh school leaver can apply for start up fund, from tertiary school or private grant consultancy base on what they want, but only apply in school (so call fast lane or green lane). The minimum requirement need to have a fresh business partner hold 51%, before you apply the starter ACE fund, you cant have or done business before apply. And the time line depend on your working schedule, which are very tedious.
Currently Software Apps no more grant, and only allow for charity. Other than that, you still can apply Mobile solutions grant which support by IDA.
Now the doubt are they a lot of government agency? Yes. But, Why no funding? In Singapore now have around 100++ fund for u to tap on (like a treasure map). And there are a lot of treasure chest a lot for the business owner at the particular time, criteria and places.
Since then, So why people still don't get fund? Below are some of the key notes:
1. No/no direction from the business owner, when they start to follow government process, it went narrow and away from your default goal, makes the focus is wrong. Remember that do not chase the grant but see what the grant you can tap on. (As you might lose every thing, to chase the specs that drain energy)
2. No/ wrong knowledge. Do know how to get, how to compromise with the easy grant but need to fulfill difficult KPI. So at the end you will spend more money. (so the funding will get call back or only partial done fulfill the criteria will be paid).
3. No/ wrong action. (people just afraid to get check so withdraw at the last part, do not declare of avoid get check by government)
So now, For who can qualify to get a grant? Simple requirement:
1. You need to be a start up register .
2. Singaporean or Permanent Resident.
3. Or any Business owner that want to grow their business (most important, e.g. Inject IT to business)
Objective to have the Fund to improve you business on:
- productivity
- operation
- finance
- marketing & business development
- product & industry development & innovation
(IP grant, IT grant), specific equipment also can pay which bought by singapore company, training, software (cash $60,000 or tax rebate 400% - PIC free for few years), to design business. (last time got grant to create website)
BUT BARE IN MIND - It do Not use for most business cost and expenses.
What are the financial schemes You can choose from?
Equity financing
- seed funding, co-investments for selected projects
Grants:
- upgrade biz management and capability
Grant pay up by stages in each step (to fulfil government criteria)
- if you can not do finish cannot.
- only apply "BEFORE" you start before the project start.
- or even before you start your business
Loan
- improve cash flow need to have positive ROI.( cannot receive bounce check, that cannot judge supplier), credit bureau ( personal)
Tax incentive
- tax deduction, defer or exemption
How does the program work for you?
The gov road map for business owner to follow, for start up to follow- in the end what gov want every business to be Globalize with supported by different grant. Ask yourself, can you find yourself by finding What are the agency can fund you? What are their policy? What are their policy that supports your business? What your company need to do to fulfill these requirement? (if the gov did not change)
The program is Focus on business owner road map, business direction, business operation and model, together with business industry (eventually it do not come together with government vision)
How we get advantages by looking at the "treasure map"?
By going to the intercept points that actually the opportunity to get the money.
Plot out all the intercept dot.
What is the best time?
1. Majority missed out..Internet or apps only for charity.(time is the crucial things)
2. YA 2011 cooperate income tax rebate & SME cash grants for operating business.
3. Productivity & innovative credit (every things, can claim up to $60,000 that can actually get money back like buy iPad etc)
Do you know all your red dot? Do u want to know and grab them now?
What next?
1. Unlock all the red dot and light funds of up to millions to our biz (IE for SME and start up to get your air fair, etc, feasible study when you start)
2. Align the red dot to get back your money, and maximize up to 10 years of your business life.
3. To gain clarity of the business on the business journey. (best to start with first and second year) using 5 minutes questionair.
First grant Ace startup month within 6 th months, or business challenge innovative fund.
4. Fulfilling your funding needs by result base follow up system ( all the grant are time sensitive )
Business activity and time to match up.
For average 30 gants to tab on but 3~5 you can get it. Apply the grantes 2~ 3 months ahead to buffer.
Activity for the details with the application, after success they will ask you when you start. Prepare up front to be in control for grant.
Get fund in every phase of our biz, every time. (3 parties involve, ace+business owner+ gov)
For others at least 30% for Singaporean or Pr. Most of it are 50%.
So the charging rates?300 for treasure map within 2 weeks, according to the business journey.
Every 10% you need to comply We compromise by up the the 10%, declare as financial consulting fees (government will ready check, where is the invoice and the receipt).
So what next? After the session, you can only have 3 answers:
1. #uninterested
2. # interested but have question to ask
3. # I'm interested, understand & want to act now to grab the $$$$
Hope next time he can share with me how he start up his business with no internet, no network, no sponsors and make a 5 figures net profit in 3 months.
Stay tune!
Regards, Adam Chua http://www.vacantseize.com
